ID: MRFR/CO/6021-HCR | 100 Pages | Published By Harshita Gorade on March 2023
The structural steel market is projected to be worth USD 162.64 Billion by 2030, registering a CAGR of 5.4% during the forecast period (2022 - 2030)
The structural steel market is projected to be worth USD 162.64 Billion by 2030, registering a CAGR of 5.4% during the forecast period (2022 - 2030), The market was valued at USD 102.17 billion in 2021.
Increasing residential and non-residential construction activities, as well as rising demand for steel products as building materials, will drive industry growth. The global structural steel market is expected to grow sustainably in the coming years, owing to rising disposable income and technological advancements in prefabricated and pre-engineered building projects in the overall construction industry. High demand for infrastructure in emerging economies such as China and India is expected to drive structural steel market growth in the coming years. One of the trends in the construction industry that is expected to fuel demand for structural steel building designs over the forecast period is a greater emphasis on innovation in green construction materials. These materials are recyclable, eco-friendly, and help to reduce greenhouse gas emissions and will help in Structural Steel Market Growth.
The demand for structural steel fell down in 2020 as a result of the government's lockdown and low demand from the construction industry. The import and export of structural steel has been hampered by the Coronavirus. China is the world's largest exporter of construction materials. Negative trends in China's economy are expected to reduce global imports and exports around the world. Since the corona outbreak, the demand for new construction materials has seen a massive negative shift. As a result, the global supply and demand for construction materials have come to a halt. Construction material manufacturing companies in China are the most affected by the virus outbreak, owing to the region's lockdown and lack of logistics. The major impediment to the global construction materials market is the issuance of home quarantine orders by respective governments, which has resulted in the cessation of construction material production. Reduced consumer demand and consumption have resulted in a reduction and slowing of construction material sales all over the world during the current fiscal year. As a result, the Structural Steel Market has suffered in 2020 and has reduced the Structural Steel Market Share.
The report covers the major players operating in the structural steel fabrication market in India and is adding to the Structural Steel Market Share. Urbanization and construction generate strong demand for steel long products such as bars and sections, while the growth of the manufacturing industry generates demand for flat products such as hot and cold rolled coil and stainless steel, which is likely to boost structural steel market share. Expansions, investments, and contracts are just a few of their important initiatives over the forecast period. The key market players have been recognized as follows:
The significant increase in residential and non-building construction across the globe, as well as the use of structural steel in the construction of these buildings, is regarded as the primary driver of the structural steel market. The expansion of the manufacturing industries generates demand for flat products such as stainless steel, which can act as a driver for the structural steel market. Because structural steel is recyclable, the growing demand for green building construction is driving up the market for structural steel. Furthermore, rising construction activity and infrastructure development in countries such as India and China have the potential to significantly expand the structural steel market. The government initiative to improve housing conditions in various countries has increased demand for structural steel in the construction industries. Large facades, walls, and other materials are made of structural steel and help in driving the Structural Steel Industry.
In the construction industry, a lack of awareness about the benefits of these structural steels can restrain market growth. The fluctuating raw material cost is the most important factor which restrains the Structural Steel Market Growth. Thus, it leads to decreased Structural Steel Market Value.
The demand for high-quality construction materials in a variety of residential and non-residential buildings, such as offices, institutions, and commercial buildings, has driven up the global structural steel market. Furthermore, structural steel has numerous applications in industries such as construction, transportation, mining, shipbuilding, packaging, and others. It is used in the construction of large structures such as bridges, canals, warehouses, and factories. Structural steel is used to make beams, steel frames, columns, and bars, which are used in the construction of large structures. Furthermore, structural steel is used in the construction of trucks, trains, rail tracks, and ships due to its high tensile strength, corrosion resistance, and ductility. It is inexpensive and can be recycled in the future and increases the Structural Steel Market Size over the forecast period.
Global Structural Steel Market: Segmentation
Source: MRFR Analysis
The global market for Structural Steel is further distinguished into various segments on the basis of product type, application, and region in order to achieve the predicted CAGR growth by the end of the forecast period in 2028. The market has been segmented based on the following:
Based on the Product type, the market has been segmented as follows:
Based on the application, the market has been segmented as follows:
Based on the region, the market has been segmented as follows:
The global structural steel market is divided into four regions: North America, Europe, Asia-Pacific, and LAMEA. In 2019, Asia-Pacific held the largest share of the structural steel market, a position it will hold until the end of 2028. The market in this region is primarily driven by rapid industrial growth in conjunction with technological advancements in the region's construction industry. Increased construction spending is also driving up demand in the region's structural steel market. China has emerged as the most profitable country in this region as a result of its rapid GDP growth, which has fueled demand for construction activities. The exponential growth of the residential and housing sectors in this region is also driving demand for structural steel which will anyhow give a boom to Structural Steel Industry and will increase the Structural Steel Market Value.
The report forecasts revenue growth at the global, regional, and country levels, as well as an analysis of the most recent industry trends in each of the sub-segments. The purpose of this report is to provide a comprehensive analysis of the Global Structural Steel Market. It focuses on market dynamics, technological trends, and insights into different end-user industries and product types. Furthermore, it examines the key players and competitive landscape in the Global Structural Steel Market. The report includes data on key drivers, restraints, and opportunities, as well as a detailed analysis of the Structural Steel Market share.
|Market Size||2030: USD 162.64 Billion|
|CAGR||5.4% CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Technology, by Application, by Material|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ArcelorMittal S.A., Hebei Group, Baosteel Group Co., Nippon Steel & Sumitomo Metal Corporation, POSCO, Wuhan Group, Tata Limited, Anshan Iron & Steel Group Corporation, Anyang Group Co. Ltd., Baogang Group, Hyundai Steel Co. Ltd., Bohai Group|
|Key Market Opportunities||
|Key Market Drivers||
Structural steel market would grow with 5.4% CAGR during the forecast period.
Increasing disposable income and rising need for pre-engineered constructions would dominate structural steel market.
The APAC region would dominate the structural steel market.
Heavy sectional steel would dominate structural steel market.
The non-residential segment had the maximum structural steel market share.
Increasing disposable income and the rising need for pre-engineered constructions is the major driver driving the Structural Steel Market during the forecast period in 2030.